Cebu Landmasters profit up 164% in H1

LISTED housing developer Cebu Landmasters Inc. (CLI) said on Wednesday its net profit in the first half of the year soared by 164 percent driven by strong reservation sales, which nearly breached the full-year reservation sales last year.

In a disclosure to the Philippine Stock Exchange (PSE), CLI said net income after tax rose to P634 million in the first six months of this year compared to P240 million in the first half of 2016.

Revenues in the first half reached P1.8 billion, an increase of 107 percent or more than double the P875 million generated in the same period last year.

Real estate revenues, which account for about 99 percent of total revenues, increased by 108 percent to P1.8 billion versus the previous year’s P859 million.

Reservation sales surged 155 percent in the first half to P2.8 billion from P1.1 billion in the first half of last year, nearly breaching the 2016 full-year reservation sales of P2.9 billion.

During the first six months of this year, CLI launched P7.09 billion worth of projects out of the total of 14 projects — worth a combined P17.7 billion — that are targeted for launch during the year.

Key projects set for launching in the fourth quarter include AS Fortuna and Casa Mira Cost and other projects including Velmiro Heights in Cagayan De Oro, Casa Mira Iloilo, Casa Mira Bacolod, and three more projects in Cebu: Villa Casita Bago, Casa Mira Towers, and Base Line 2.

Because of these developments, the company said it is on track to surpass the P1.2 billion net income year-end target.

CLI listed on the PSE in June this year and caters to the high-end, mid-market, economic and socialized housing segments. It has two wholly-owned subsidiaries: CLI Premier Hotels Intl., Inc., and Cebu Landmasters Property Management Inc. Both were incorporated in 2016 but have yet to start commercial operations.